Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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Pfizer Inc. pages available for free this week:
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Pfizer Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04).
The balance sheet reflects a period of significant expansion and structural reallocation of liabilities and equity between April 2021 and June 2026. Total liabilities and equity grew from 158,818 million USD to a peak of 226,501 million USD in December 2023, before moderating to 201,131 million USD by June 2026. This trajectory indicates a substantial increase in the company's capital base, primarily driven by a strategic increase in long-term debt and fluctuating equity levels.
- Liability Structure and Debt Management
- A profound shift in the debt profile is observed during mid-2023. Long-term debt, excluding the current portion, remained relatively stable around 35,000 million USD until July 2023, at which point it surged to approximately 61,356 million USD. This elevated level of long-term borrowing persisted through June 2026, suggesting a long-term financing strategy or major acquisition funding. Current liabilities exhibited higher volatility, peaking at 47,794 million USD in December 2023, largely influenced by spikes in short-term borrowings and other current liabilities, before declining to 32,646 million USD by the end of the period.
- Equity Dynamics and Retained Earnings
- Total equity demonstrated a growth phase, rising from 68,865 million USD in April 2021 to a peak of 101,236 million USD in April 2023. This growth was primarily supported by an increase in retained earnings, which climbed from 95,158 million USD to 131,101 million USD over the same period. However, a downward trend in retained earnings emerged after April 2023, ending at 112,087 million USD in June 2026, which contributed to the overall contraction of total equity to 85,492 million USD. Treasury stock remained a significant contra-equity account, consistently offsetting equity by approximately 111,000 to 115,000 million USD throughout the analyzed timeframe.
- Other Noncurrent and Current Obligations
- Other noncurrent liabilities showed a steady upward trend, increasing from 6,679 million USD in April 2021 to a peak of 16,540 million USD in December 2023, before stabilizing around 14,781 million USD. Conversely, other taxes payable saw a marked decrease, falling from 11,759 million USD in 2021 to 3,816 million USD by June 2026. Pension and postretirement benefit obligations exhibited a consistent downward trend, reducing from 5,161 million USD to 1,937 million USD, indicating a gradual settlement or reduction of these long-term obligations.
Overall, the financial position transitioned from a lower-leverage state in 2021 to a more leveraged structure by 2026. The substantial increase in long-term debt, coupled with the volatility in retained earnings and the persistent impact of treasury stock, characterizes the company's capital management strategy during this period.